Shaelene’s Tax Tip of the Week – August 21

Usually, if you sell personal-use property at a loss, you can’t claim the loss. The exception is for “listed” personal property; which generally increases in value the longer you hold on to it. This includes Canadian cultural property (i.e. national treasures), stamps, coins, works of art, jewelry, rare books, folios, and manuscripts. These sorts of losses can be carried back three years, or forward for seven, and used to reduce the gain on the sale of other listed personal-use property.

Have questions? Give us a call at 905-571-2665.

Shaelene’s Tax Tip of the Week – August 14

Do you plan on selling your principal residence? 

As long as it has been your principal residence for every year that you have owned the property, you will not have to pay any tax on any gain from the sale.  If it was not your principal residence at any time you have owned the property, or only part of the property is considered your principal residence, you will have to pay part of the tax on the capital gain corresponding to the years it wasn’t or the square feet that wasn’t included as part of the principal residence.

Have questions? Give us a call at 905-571-2665.

Shaelene’s Tax Tip of the Week – August 7

Are you or do you know a student?

Did you know the credits received from the eligible tuition and education amounts called the T2202A, last indefinitely? They can always be carried forward to the next tax term if you don’t feel the need to use them.

Have questions? Give us a call at 905-571-2665.